Underlying pressure remains Bearish / Gold remains weak
Gold's general commentary: Spectacular session yesterday where Gold was contained within Neutral Rectangle, progressively delivering Intra-day Buy / Sell opportunities which I utilized to it's maximum. The Price-action made a session High so far at #1,970.80 contained within my Neutral Rectangle but is seen falling since after a Doji Start Bearish candle on Hourly 4 chart as #1,927.80 - #1,932.80 Support zone starting to reject every downside attempt as it is illustrated on Hourly 4 chart. Local High's is slightly below off my projected Lower High's Lower zone range (on broken Descending Channel on Daily chart which was newly formed) however already the #MA50 (Daily chart) is applying Selling pressure. I see Bullish potential on both Short and Medium- term very limited as long as #1,988.80 - #1,991.80 Resistance zone holds. Regardless my Targets are intact, seen Trading at #1,927.80 contact point and in case of a breakout, #1,900.80 benchmark in extension untouched since March #13.
Fundamental analysis: Despite the strong Bearish candle sequence throughout late U.S. session (Gold was comfortably Trading below #1,952.80 benchmark), Gold remains Neutral and above my Support for the day as the U.S. session is approaching and financials tensions resurfaced. Personally, Price-action didn't caught me by huge surprise Trading on one of the strongest Hourly 4 chart’s series of Bearish candles in #35 sessions, negating almost all gains that Gold delivered throughout the week. It was Natural to expect Short-term recovery (RSI cooling down Oversold levels) however one could not expect #2 strong Resistance zones to break without serious cause (#1,962.80 - #1,966.80 and #1,972.80 - #1,975.80). #1,952.80 is new / old Resistance zone distinguished by the Hourly 4 chart’s candlestick configuration. Gold is trending upwards (but only regarding Daily basis) after it failed to break below it’s Lower Low’s variance which is posing as an strong Support zone and showcasing strong durability ahead of #1,900.80 benchmark extension. Still I haven’t got confirmation for Short-term opportunity and it is still not worth entering the market without tight Risk management. DX is correcting recent losses which priced a Bottom near local High’s while Bond Yields are Trading under multiple Bullish Gap fills delivering #2-Month High's, development which is Fundamentally Bearish for Gold. My Selling bias is unchanged as I will treat Bullish spikes as an oscillation from Oversold to Neutral (Williams%), which created new space for Bearish aggressive takedown. Spot how Gold's strong re-Sell zones are in fairly symmetrical manner with side Swings on DX as the strongest correlation so far / so keep the DX chart as your High priority asset and look for pointers there. I am Highly sceptical, and having strong reservations of current Gold’s miraculous recovery, as I do not believe that Gold Traders will witness continuation of it.
My position: Two important things on E.U. opening. First, even though the Price-action broken the Higher Low’s neckline earlier, it failed to test the #1,932.80 Support zone, so Technically Price-action is still above Lower Low’s just non-linear resemblance. Second, my Hourly 4 chart’s re-Sell zone is still untouched, so Technically I don't have confirmation of more serious decline yet and I will comfortably remain on sidelines. Most likely, I will get needed confirmation as U.S. session approaches and E.U. session comes to an end, so patience if during this flat session nothing happens. DX is on recovery candles isolated within newly formed Neutral Rectangle and is near May #26's re-Buy point but this is counterbalanced by the gains on Bond Yields. Gold remains relatively High under the circumstances. As I am receiving increased numbers of inquiries from Traders expecting #2,000.80 benchmark test with #2,100.80 uptrend extension, due time limits I wasn't able to answer. Do not expect "to the moon" phase on Gold on every slight uptrend as those levels will be matter of history soon enough. Stick to Technical analysis and stay with the trend. #1,927.80 is my first Target followed with #1,900.80 and #1,852.80 distinguished Targets. I will keep Selling every rise that Gold delivers which is proven strategy which delivered spectacular results recently.
Fundamental analysis: Despite the strong Bearish candle sequence throughout late U.S. session (Gold was comfortably Trading below #1,952.80 benchmark), Gold remains Neutral and above my Support for the day as the U.S. session is approaching and financials tensions resurfaced. Personally, Price-action didn't caught me by huge surprise Trading on one of the strongest Hourly 4 chart’s series of Bearish candles in #35 sessions, negating almost all gains that Gold delivered throughout the week. It was Natural to expect Short-term recovery (RSI cooling down Oversold levels) however one could not expect #2 strong Resistance zones to break without serious cause (#1,962.80 - #1,966.80 and #1,972.80 - #1,975.80). #1,952.80 is new / old Resistance zone distinguished by the Hourly 4 chart’s candlestick configuration. Gold is trending upwards (but only regarding Daily basis) after it failed to break below it’s Lower Low’s variance which is posing as an strong Support zone and showcasing strong durability ahead of #1,900.80 benchmark extension. Still I haven’t got confirmation for Short-term opportunity and it is still not worth entering the market without tight Risk management. DX is correcting recent losses which priced a Bottom near local High’s while Bond Yields are Trading under multiple Bullish Gap fills delivering #2-Month High's, development which is Fundamentally Bearish for Gold. My Selling bias is unchanged as I will treat Bullish spikes as an oscillation from Oversold to Neutral (Williams%), which created new space for Bearish aggressive takedown. Spot how Gold's strong re-Sell zones are in fairly symmetrical manner with side Swings on DX as the strongest correlation so far / so keep the DX chart as your High priority asset and look for pointers there. I am Highly sceptical, and having strong reservations of current Gold’s miraculous recovery, as I do not believe that Gold Traders will witness continuation of it.
My position: Two important things on E.U. opening. First, even though the Price-action broken the Higher Low’s neckline earlier, it failed to test the #1,932.80 Support zone, so Technically Price-action is still above Lower Low’s just non-linear resemblance. Second, my Hourly 4 chart’s re-Sell zone is still untouched, so Technically I don't have confirmation of more serious decline yet and I will comfortably remain on sidelines. Most likely, I will get needed confirmation as U.S. session approaches and E.U. session comes to an end, so patience if during this flat session nothing happens. DX is on recovery candles isolated within newly formed Neutral Rectangle and is near May #26's re-Buy point but this is counterbalanced by the gains on Bond Yields. Gold remains relatively High under the circumstances. As I am receiving increased numbers of inquiries from Traders expecting #2,000.80 benchmark test with #2,100.80 uptrend extension, due time limits I wasn't able to answer. Do not expect "to the moon" phase on Gold on every slight uptrend as those levels will be matter of history soon enough. Stick to Technical analysis and stay with the trend. #1,927.80 is my first Target followed with #1,900.80 and #1,852.80 distinguished Targets. I will keep Selling every rise that Gold delivers which is proven strategy which delivered spectacular results recently.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.